This office lease is subject and subordinate to all ground or underlying leases and to all mortgages which may affect the lease or the real property of which demised premises are a part and to all renewals, modifications, consolidations, replacements and extensions of any such underlying leases and mortgages. This clause shall be self-operative.
Idaho Subordination Provision refers to a clause or provision typically found in legal contracts or agreements in the state of Idaho. It outlines the hierarchy or order of priority for different parties involved in a transaction or legal matter. In simpler terms, it determines who has the first claim or priority in case of default or insolvency. The purpose of an Idaho Subordination Provision is to establish the rights and obligations of parties involved in a financial transaction or legal agreement, particularly when multiple parties are involved. It is commonly utilized in various contexts, such as real estate transactions, loan agreements, lease agreements, and business contracts. Different Types of Idaho Subordination Provisions: 1. Mortgage Subordination Provision: This type of subordination provision is prevalent in real estate transactions, specifically when dealing with multiple mortgages on a property. It determines the priority of the mortgages, ensuring that the first mortgage takes precedence over subsequent ones if the property is foreclosed upon or sold. Keywords: mortgage subordination provision, real estate transactions, foreclosure, multiple mortgages. 2. Loan Subordination Provision: In loan agreements, especially when a borrower seeks additional financing, a loan subordination provision may be included. It specifies the priority of repayment in case the borrower defaults or goes bankrupt. This provision allows the new loan to take precedence over the existing loan, ensuring the new lender has primary rights to recover funds. Keywords: loan subordination provision, borrower, financing, bankruptcy, repayment. 3. Inter-creditor Subordination Provision: When multiple creditors hold varying levels of debt or security interests in a borrower's assets, an inter-creditor subordination provision outlines the priority of the creditors' claims. This provision safeguards the interests of different creditors by establishing the order in which they are entitled to recover their debts when the borrower is unable to fulfill their obligations. Keywords: inter-creditor subordination provision, creditors, borrower, debt, security interests. It is essential to understand the specific type of Idaho Subordination Provision included in any legal documents, as each type serves a unique purpose and has distinct implications for the parties involved. Seeking legal advice or consulting with an attorney is recommended to ensure accurate interpretation and proper inclusion of relevant subordination provisions for the given situation.
